Based on Exercise 18-33
During 2020, Kingbird Company started a construction job with a contract price of $1,610,000. The job was completed in 2022. The following information is available.
		2020		2021		2022
Costs incurred to date		$393,900		$760,380		$1,059,000
Estimated costs to complete		616,100		341,620		0
Billings to date		299,000		905,000		1,610,000
Collections to date		268,000		818,000		1,421,000

2. Prepare journal entries for all 3 years.

	2020	2021	2022
Contract Price	$1,610,000	$1,610,000	$1,610,000
Cost incurred to date	$393,900	$760,380	$1,059,000
Estimated cost yet to be incurred to complete the contract	$616,100	$341,620	$0
Total cost	$1,010,000	$1,102,000	$1,059,000
% of completion	39%	69%	100%
Revenue to date	$627,900	$1,110,900	$1,610,000
Revenue previous year	$0	$627,900	$1,110,900
Net revenue this year	$627,900	$483,000	$499,100
Cost to date	$393,900	$760,380	$1,059,000
Cost to date of previous year	$0	$393,900	$760,380
Net cost of the year	$393,900	$366,480	$298,620
Gross Profit	$234,000	$116,520	$200,480